Is James Madison, VA a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since May 2023
Since last year, James Madison has remained a Seller's Market.
Housing Prices in James Madison, VA
How much do homes in James Madison, VA cost?
Median Sold Price
$449,999
$196/sqft
Based on all homes sold in the last 12 months.
Difference Since May 2023
Summary: The median home sold price in James Madison was $449,999 in May 2024, up 2.3% from last year, and the median price per square foot was $196.
Median Sold Price By Bedroom Count
# BEDS# BEDROOMS | May 2023 | May 2024 | CHANGE |
---|---|---|---|
1 Bedroom | - | $258K | N/A |
2 Bedrooms | $290K | $290.8K | 0.3% |
3 Bedrooms | $417.4K | $432.5K | +3.6% |
4 Bedrooms | $455K | $474.9K | +4.4% |
5+ Bedrooms | $541.6K | $499.9K | -7.7% |
Summary: James Madison housing prices by bedroom type for May 2024 compared to the previous year: The home price of 1 bedroom homes did not change, 2 bedroom homes increased by 0.3%, 3 bedroom homes increased by 3.6%, 4 bedroom homes increased by 4.4%, and 5+ bedroom homes decreased by 7.7%.
Median Sold Price Compared To Nearby Cities
James Monroe | $400K | $428.5K | +7.1% |
King George | $425K | $439.9K | +3.5% |
George Washington | $422.5K | $433.3K | +2.6% |
James Madison | $440K | $449.9K | +2.3% |
Housing Supply in James Madison, VA
How many homes are available in James Madison, VA?
Number of Homes For Sale
Apr 2024 | May 2024 | CHANGE |
---|---|---|
47 | 51 | +8.5% |
Summary: The James Madison real estate market had 51 homes for sale in May 2024, a 8.5% increase compared to April 2024.
Homes For Sale By Bedroom Count
# BEDS# BEDROOMS | Apr 2024 | May 2024 | CHANGE |
---|---|---|---|
1 Bedroom | 1 | 1 | 0.0% |
2 Bedrooms | 1 | 1 | 0.0% |
3 Bedrooms | 22 | 25 | +13.6% |
4 Bedrooms | 14 | 17 | +21.4% |
5+ Bedrooms | 9 | 7 | -22.2% |
Summary: The James Madison housing inventory by bedroom type for May 2024 compared to the previous month: The inventory of 1 bedroom homes remained the same, 2 bedroom homes remained the same, 3 bedroom homes increased by 13.6%, 4 bedroom homes increased by 21.4%, and 5+ bedroom homes decreased by 22.2%.
Number of Homes Sold
Apr 2024 | May 2024 | CHANGE |
---|---|---|
9 | 10 | +11.1% |
Asking Price vs. Sold Price
8 Homes Were Sold
Under Asking
0 Homes Were Sold
At Asking
2 Homes Were Sold
Over Asking
Summary: A total of 10 homes were sold or pending in James Madison in May 2024, up by 11.1% month-over-month. Of the 10 sold homes, 80% were sold under asking, 0% were sold at asking, and 20% were sold over asking.
Days on Market for James Madison, VA
How long does it take to sell a home in James Madison, VA?
Average Sale Time
May 2023 | May 2024 | CHANGE |
---|---|---|
22 Days | 37 Days | +63.2% |
Summary: Homes in James Madison had an average of 37 days on market in May 2024, up by 63.2% compared to last year.
Breakdown of Home Sale Times
6 Homes Were Sold
Under 30 Days
3 Homes Were Sold
In 30 - 90 Days
1 Home Was Sold
Over 90 Days
Summary: During May 2024, 10 homes were sold in James Madison; 60% of homes were sold within 30 days, 30% of homes were sold within 30 to 90 days, and 10% of homes were sold over 90 days.